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kcrum · Joined: 17 Mar 2010 Posts: 1 1.25 Dollars($)

what is the best route for me to go? i have a home that i can't afford. it is being used as a rental property and also has a home equity line against it. what should I do?

jameshogg · Posted: Wed Mar 17, 2010 8:46 pm Post subject:

Hi kcrum,

If you don't want to keep the property, then it would be better to go for a deed in lieu of foreclosure. Your property would be sold off and you won't be liable for the deficient balance resulting from the sale of the property. However, your credit score would be lowered by 250 points and you would be liable to clear off the second loan.

If you're planning to save the property, then you can go for a loan modification. The lender would give you an affordable payment plan with a low interest rate to pay off the loan.

Thanks

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should I go for a deed in lieu or loan modification?